What is your property worth?
If you’re like most Australians, you own at least one property. And if you’re like most Australians, you’ve probably wondered what your property is worth. Luckily, there’s a simple way to find out! In this blog post, we’ll discuss how to calculate the valuation of your property using Australian terms. So whether you’re looking to sell or just curious about your home’s value, keep reading for more information.
What you need to understand
First, you need to understand the two main methods of calculating property valuation in Australia: Annual Value (AV) and Capital Improved Value (CIV). AV is a simple calculation based on expected rental income. CIV takes into consideration the land’s value as well as any improvements made to it. Both methods are used by most Australian mortgage lenders when making decisions about loan approval, so it pays to familiarise yourself with both.
Data
Next, you’ll need some data. You can get information on your property from local councils or online sources. This data will tell you everything you need to know about your home’s size, condition and location – all important factors for working out your property’s value.
Working out your homes value
Once you have this data, you can use a valuation calculator to work out your home’s value. These calculators are designed specifically for residential properties and will give you an instant “ballpark” figure that is close to what a professional valuer would provide. This number should be used as a guide only, however – any major decisions should always be based on a more comprehensive assessment of your property.
Finally, if you’re looking to sell or need an accurate assessment of your home’s worth for other reasons, it could be worth paying for a professional appraisal from an accredited third-party valuer. They’ll take into account all the factors mentioned above (plus some!) and give you a detailed report on the true market value of your property.
No matter how you decide to get an idea of your property’s worth, it pays to be informed and careful before making any major decisions. With some research and due diligence, you can have all the information you need in order to make an educated guess as to what your home is really worth. Good luck!
The Team at Loan Location are always happy to help you obtain the best absolute, Home Loan product on the market.
Furthermore, if you need any further information about any of the above, then please enter in your details and we will be in contact with you shortly.
If you would prefer to book in with one of our senior mortgage brokers, then click the “book now” link
